Insights on corporate risk and how companies are tackling it.

China Crows as Sex Tape Official Gets 13 Years

Chinese social media sites were dripping with schadenfreude Friday on news a former Communist Party official notorious for his appearance in a disturbingly vivid sex tape had been sentenced to 13 years in prison for corruption.

In addition to the prison time, Lei Zhengfu, former party secretary of the Beibei district in southwestern China’s Chongqing municipality, was also fined 300,000 yuan ($49,000) after being found guilty of accepting bribes by a Chongqing court, according to the official Xinhua news agency.

A portly 55-year-old bureaucrat once described by the New Yorker’s Evan Osnos as possessing “astonishing ranine qualities,” Mr. Lei became the poster child for official corruption after a video of him having sex with a woman many years his junior ricocheted across the Chinese Internet in November. The woman turned out to have been hired by a local property developer to have sex with Mr. Lei and other local officials as part of a scheme to extort them, according to police.

Under the ASU, inventory is “measured at the lower of cost and net realizable value,” which eliminates the need to determine replacement cost and evaluate whether it is above the ceiling net realizable value or below the floor. The FASB did not amend other guidance on measuring inventory, such as the LIFO, FIFO and average cost method. In addition to reducing complexity, the proposal would make U.S. GAAP more comparable to IFRS.

Risk & Compliance Bureau

About Risk & Compliance

Risk & Compliance provides news and commentary to corporate executives and others who need to understand, monitor and control the many risks that can tarnish brands, distract management and harm investors. Its content spans governance, risk and compliance and includes analysis of the significance of laws and regulations, the risks inherent in global expansion and the protective moves taken by companies.